IO-Link Market By Type, Component, Industry, Application And Geography (2021-2026)

May 19 10:46 2022
IO-Link Market By Type, Component, Industry, Application And Geography (2021-2026)
IO-Link Market
IO-Link Market categorizes the Global market by Type (IO-Link Wired, IO-Link Wireless), Component (IO-Link Master, IO-Link Devices), Industry (Process, Discrete, Hybrid), Application, and Geography(North America, Europe, APAC). COVID-19 Impact on IO-Link Industry.

The IO-Link Market by Type, Component, Industry, Application and Geography. The article discusses the market by type and component such as IO-Link Wired and IO-Link Wireless. It then goes into more detail on the industry such as Process, Discrete and Hybrid, as well as the application of these types of devices.

What is the IO-Link Market?

IO-Link market is a $24.2 billion global market that includes products and services that enable communication between machines and systems. The market is expected to grow at a CAGR of 25.6% during the forecast period 2021-2026.

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The IO-Link market is dominated by service providers, with 71% of the total revenue in 2021. The product segment accounted for 29% of the total revenue in 2023. The growth of the service provider segment is attributed to the increasing demand for analytics, cloud computing, and automation services. The increase in demand for industrial applications is also contributing to the growth of the IO-Link market.

The market has been divided into five types: physical connections, data packets, management, security, and networks. The physical connections type dominates the market with a share of 86%. This is followed by data packets (7%), security (6%), networks (5%), and management (3%).

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The IO-Link Market by Type (IO-Link Wired, IO-Link Wireless)

The IO-Link market is segmented into IO-Link Wired and IO-Link Wireless. The IO-Link Wired market is dominated by industrial applications while the IO-Link Wireless market is more dominant in consumer applications. The industrial applications include automation and control, Instrumentation & Monitoring, and Machine Learning & Intelligent Systems.

The consumer applications include Home Automation, Vehicle Automation, and Security & Surveillance. The key drivers for the market are increasing demand from industrial applications and growing adoption of IoE (Internet of Everything) by businesses.

The IO-Link Market by Industry (Process, Discrete, Hybrid)

The process IO-Link market is dominated by industrial applications, accounting for more than two-thirds of the total market share. The industrial applications are projected to grow at a higher rate than the other two types of applications owing to increasing adoption of automation in various industries. Automation in various manufacturing processes, such as production machining, welding, and assembly, is leading to increased demand for IO-Link systems for controlling robotic arms and machines.

IO-Link systems are used in various applications such as process control, remote monitoring and management, machine learning, and artificial intelligence (AI) among others. The application segment dominates the overall market with over two-thirds of the share. The growing adoption of IoT and AI

The IO-Link Market by Application (Light Weighting, Numerical Control)

The IO-Link market is due to the increasing demand for smart factories, vehicles, and other industrial applications. The light weighting application segment is expected to be the fastest growing sector during the forecast period. This is owing to the increasing demand for smart manufacturing and automated systems in this sector. Moreover, this segment is benefitting from increasing investments in R&D activities by major players.

On the other hand, the numerical control application segment is estimated to grow at a higher rate than the light weighting application segment over the forecast period. This is because of increased investments in automation initiatives by major players. Additionally, this segment is benefiting from rising demand for precision tools in various industrial sectors.

The IO-Link Market by Geography North America: United

The IO-Link market has been witnessing significant growth owing to the increasing demand for smart connected devices and embedded systems. The North American region is expected to account for the highest share of the overall IO-Link market due to the increasing adoption of IoT products in this region.

Siemens (Germany), Hans Turck GmbH & Co. KG (Germany), Balluff GmbH (Germany),ifm electronic GmbH (Germany), SICK AG (Germany), Rockwell Automation, Inc. (US), Omron Corporation (Japan), Pepperl+Fuchs (Germany), Festo SE & Co. KG (Germany), and SMC Corporation (Japan), are some of the key players in the IO-Link market.

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